Forex Forecast for EURUSD, GBPUSD, USDJPY, USDCAD 25 November, 2016

Forecast for the EURUSD currency pair

Technical showings of the currency pair:

Pre-opening: 1.05525
Opening: 1.05518
Chg. % for the last day: -0.05
Day range: 1.05383 – 1.06078
52-week range: 1.0538 – 1.1616

At the beginning of the European trading session, the demand for euro increased. The EUR/USD quotes rose by more than 50 pips. At the moment, the currency is being traded close to the “mirror” support level of 1.05800.

forex-forecast-eurusd-25-11-2016

The MACD histogram has moved into the positive zone and fixed above the signal line, which indicates the growth of the EUR/USD currency pair.

Stochastic Oscillator has reached overbought zone, the %K line crossed the %D line. There are no signals yet.

There is no important news from the EUtoday. It is necessary to pay attention to the news feed on the US economy:
– Balance of foreign goods trade (15:30 GMT + 2: 00);
– A composite index of business activity by Markit (16:45 GMT + 2: 00);
– The index of business activity in the services sector (16:45 GMT + 2: 00).

Trading recommendations:

Support levels: 1.05800, 1.05250
Resistance levels: 1.06400

We continue to expect the correction development on the EUR/USD currency pair. Recommend to consider buying to around 1.06450.

Forecast for the GBPUSD currency pair

Technical showings of the currency pair:

Pre-opening: 1.24296
Opening: 1.24459
Chg. % for the last day: +0.10
Day range: 1.24149 – 1.24725
52-week range: 1.0538 – 1.1616

Trading of GBP/USD during the Asian session was fairly quiet. The currency was in a flat with a range of 30 pips. The pound continues to test the level of 1.24350.

forex-forecast-gpbusd-25-11-2016

The MACD histogram has started to decline and fixed below the signal line, indicating sales on the GBP/USD currency pair.

Stochastic Oscillator is in the neutral zone, the %K line is below %D line, which indicates the development of the bearish moods on GBP/USD .

Today we expect important statistics from the UK. At 11:30 (GMT + 2: 00), the data on the GDP of the country will be released.

Trading recommendations:

Support levels: 1.23600
Resistance levels: 1.24350, 1.25100

If statistics from the UK is weak, the GBP/USD quotes may reach 1.23800.

An alternative could be the development of an upward trend to the local resistance of 1.25100.

Forecast for the USDCAD currency pair

Technical showings of the currency pair:

Pre-opening: 1.34870
Opening: 1.34862
Chg. % for the last day: +0.02
Day range: 1.34538 – 1.35148
52-week range: 1.0538 – 1.1616

During the Asian trading session, there was an increased trading activity on USD/CAD. Currency kept the 1.34600 support. Currently, the Canadian dollar is being traded near the local resistance level of 1.35850.

forex-forecast-usdcad-25-11-2016

The MACD histogram does not give strong signals. The indicator is located near the 0 mark.

Stochastic Oscillator has fixed in the neutral zone, the %K line is above the %D line, indicating the growth of the USD/CAD currency pair.

We recommend to pay attention to the news feed on the US economy.

Trading recommendations:

Support levels: 1.34600, 1.34000
Resistance levels: 1.35250

Yesterday recommendations were accurate. We expect the development of an upward trend on the USD/CAD currency pair. If the price consolidates above the resistance level of 1.35850, we recommend to consider buying up to 1.35150.

Forecast for the USDJPY currency pair

Technical showings of the currency pair:

Pre-opening: 112.523
Opening: 113.274
Chg. % for the last day: +0.73
Day range: 112.541 – 113.888
52-week range: 99.08 – 123.69

Since the beginning of this month, the yen has weakened against the US dollar by more than 10%. Bloomberg analytical agency reports that this decline is a record since 1995. However, today there is an increase in demand for the currency of Japan.

forex-forecast-usdjpy-25-11-2016

The MACD histogram has started to decline and fixed below the signal line, which indicates the development of the correction on USD/JPY.

Stochastic Oscillator is near the oversold zone, the %K line crossed the %D line. There are no signals yet.

The news background for the Japanese economy is calm now.

Trading recommendations:

Support levels: 112.350, 111.250
Resistance levels: 113.600

We expect the downward trend development on the USD/JPY currency pair. We recommend tp consider selling to around 112.400.